over my overdraft please help!!!

think_pink73

Hi to all and thanx for reading this.
I bank with Yorkshire bank and have a £500 agreed overdraft on the account.
I am having a few financial difficulties at the moment and on Tuesday will end up going over my overdraft limit.
I get paid on Friday so pretty much all of my wages will be taken by the bank getting their overdraft back and this is happening most months but I have not gone over my limit before.
I get about £1600 in total paid into my account each month so was wondering what the maximum overdraft they will offer me?
I would be grateful of any help or advice you can offer.

gareth1979_2

I get about the same paid into my account with HSBC and have just gone over my overdraft by a total of £132. No doubt I might get charged as this is the 2nd month in succession. The overdraft limit I currently have is £1000 so woul imagine that Yorkshire Bank would offer the same. I also have a £10000 loan and £2000 credit card limit all with HSBC. Writing that has just depressed me! lol. In my experience, if you call them in advance they should be able to give you a decision on the overdraft over the phone, it's worth a try.

think_pink73

Hi and thanx for the reply.
I wont be able to phone the bank until tuesday and thats when I go over my overdraft!!!
Do you think they will still allow it?
Does your bank take the full amount out of your account as soon as you make a credit or do you pay it back at a set amount?
Dont feel too depressed its only numbers!!!!

gareth1979_2

If you call them on Tuesday and explain the situation e.g. you didn't realise that you were going to go over your overdraft until bank holiday weekend when the call centre was closed they should be able to give you an increase. I think the bank charged me £25 last time I did this as some sort of arrangement fee. I basically asked them to extend my limit for 3 months during which time I should be able to pay back the amount without the need to go over my limit again. Every time I have done this though, they have increased the limit for 12 months and told me it would be reviewed again at this time. In this case I could go back up to the new limit at any point during the 12 month period without fear of being charged any penalties. Hope this helps. When you do call them, just get them toi clarify at the end of the phone call that you are not going to get charged any penalties for going over your limit - they should be ok with this as they have discretion to write off the charges.

think_pink73

Thanx very much for your help and advice, I will phone them 1st thing on Tuesday and ask them.
Just need to try to pull myself back up as I've already fell down that slippery road of debt and don't wanna go back!!!

zx2011

Phone them right now and explain your situation. You might be able to avoid paying any charges for going over you limit if they can extend it now.

Also section 14 of the Banking Code will help you too.

Financial difficulties
– how we can help
14.1 We will be sympathetic and positive when we consider
any financial difficulties you may have. Our first step will be
to try to contact you to discuss the matter.

14.2 If you find yourself in financial difficulties, you should let
us know as soon as possible. We will do all we can to
help you to overcome your difficulties. With your cooperation,
we will develop a plan with you for dealing
with your financial difficulties and we will tell you in

writing what we have agreed.

14.3 The sooner we discuss your problems, the easier it will
be for both of us to find a solution. The more you tell us
about your full financial circumstances, the more we

may be able to help.

Don't wait until Tuesday call them ASAP.

Good luck.

gareth1979_2

Thanks marcgr. I agree with that. If you are able to contact them before Tuesday that would be the best option.

think_pink73

Hi there,
Just phoned Yorkshire bank and they had already included payments due to go out tomorrow so I am still within my overdraft.
Thanks for help and advice though.